L-R: Claude Meurisse, COO of LUXHUB; Claude Marx, Director General of CSSF; Jacques Pütz, CEO of LUXHUB; Jean Hilger, Chairman of LUXHUB; Credit: LUXHUB

Luxembourg's financial watchdog the Commission de Surveillance du Secteur Financier (CSSF) has granted LUXHUB two new open banking licences, allowing the Luxembourg-based fintech to extend its solutions to a broader audience.

LUXHUB announced on Thursday that it had obtained Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) licences.

"These new licenses represent a major milestone for LUXHUB, as we become Luxembourg’s first and only full-scope Open Banking enabler”, commented Jacques Pütz, CEO of LUXHUB. "Our new status, as an AISP and PISP, will ensure that we are able to open up our already trusted solutions to a much wider European audience – fintechs, international corporations, SMEs and many others".

Founded in 2018, with the mission of providing banks with a mutualised solution for PSD2 compliance, LUXHUB has since emerged as a leading digital transformation enabler for the financial services industry.

Building on the success of LUXHUB One, which provides client banks with access to customer account data from several financial institutions via a single API, LUXHUB will now be able to utilise its newly obtained AISP / PISP status to develop new (B2C, B2B and B2B2C) solutions for private and public organisations - beyond the financial services industry and outside its regulated scope.

More generally, the addition of the licences is expected to enable LUXHUB to further catalyse the digitalisation of the financial services industry in Luxembourg and throughout Europe.

In the context of account information services (AIS), businesses will be able to request permission to access bank account data in real time and leverage this information to provide a range of value-added services, according to LUXHUB.

From the perspective of payment initiation services (PIS), the new solutions will enable anyone with a bank account to directly initiate a payment "in a secure and simple way".

LUXHUB also unveiled its new brand identity on Thursday. “Through our new services, and thanks to our modern brand identity, we will be able to reach a much broader audience: the path to Open Finance becomes clearer, as together, we shape the future of finance”, explained the CEO.